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In the rising trend of cryptocurrencies and technology, it’s impossible not to mention this platform, aka BitClout.
It’s BitClout, where users are protagonists.
Here’s a guide to the platform BitClout, to make sure you have all the details.
First of all, BitClout is a social network. Users can write posts and speculate with real money. Through this platform, people can create profiles, follow each other, and it features its own cryptocurrency.
BitClout is unique because each user on the platform has its own coin, called the “creator coin”.
For example, I quickly created my own profile about a week ago and created my own coin.
Do you need a Twitter account to join? It depends. If you want a reserved account, you need to tweet out to the platform. It’s a form of verification. And that’s how the profile is activated.
Otherwise, users need can sign-up through the website. And yes, you can stay anonymous if you want.
There are two options for people:
- The native crypto money has the same name of the network. Users can buy through the app and its “atomic swap” mechanism.” These tokens are identified as BTCLT.
- The Creator Coins, are unique to each user.
So, every person on the platform has Creator Coins. You only need to create a profile on the network to get your cryptocurrency. You can trade it, of course. Also, you can buy a coin from your favorite account. The coins are available on the “buy” option and on the creator coin leaderboard.
Other users can invest in you by buying your “creator's coin” and bet on the fact that you will be more successful in the future. At one point, the total invested in me (through my coin) was more than $1k.
What makes creator coins different? Let’s have a look. The concept is: the higher the reputation of the person, the higher the value. It’s like seeing “social clout” as an asset. Here’s how they help creators:
- The exclusive profile can set an amount that allows people to participate in their social board. Users who buy the minimum threshold can comment and join in the conversation.
- Once again, creators can set a threshold. And their supporters can directly message them. Hence, no more spam messages.
- As BitClout writes, another advantage of these coins is the sponsored posts. “Creators can have an “inbox” where anyone can “bid” to have them repost (aka “retweet”) a particular post.
- Supporters can get access to special and premium content from the creator.
- Money likes to signal the quality and strength of the content.
Finally, the reserved profiles are the exclusive option of the network. The website loaded the top 15,000 influencers from Twitter on the platform. Hence, even if these influencers aren’t active on BitClout, you can trade their Creator Coins. You can tell the reserved profiles from the clock icon next to the name.
The creator of this network goes by the name Diamondhands. He spoke to Coin Desk.
“The core insight behind BitClout is that if you can mix speculation and content together, you can not only get a 10x product that creates innovative ways for creators to monetize, but you also get a new business model that’s not ad-driven anymore,” the creator said.
Diamondhands didn’t establish a company. Instead, he invented a proof-of-work blockchain. All with the goal of running and managing social media. Despite the anonymity of the developers, the platform has found trustworthy investors. Names such as Social Capital, TQ Ventures, and Coinbase Ventures joined the ride.
“What got me excited about the project is what I call ‘fundamental demand,’ which is where the creator monetizing on the platform is actually what drives the value,” Diamondhands said, “you can mix speculation and content together, you can also get a new business model that’s not ad-driven anymore.”
With this network, social media and blockchain technology actively link. Without Twitter, this platform wouldn’t exist. And there is potential to leverage your reputation to gain cryptocurrency. No ads, like Diamondhands says. Only content, value, and speculation. It might just be another way to make Wall Street obsolete.